HDFC Bank, India’s top private sector bank, has inked a Master Inter Bank Credit Agreement for a $300 million line of credit with the Export Import Bank of Korea. The agreement was signed in GIFT City, Gujarat. This will assist HDFC Bank in raising foreign currency money to lend to Korea-related firms.
HDFC Bank would use this line of credit to meet the funding needs of
- Companies in which Korean firms have an equity stake
- Companies with a commercial link with Korean companies
- Customers interested in purchasing Korean-made automobiles Companies
The agreement is expected to boost and expand the bank’s business with Korean organisations and products. The program’s first drawdown would take place in May.
“Our agreement with Korean Eximbank will further strengthen and support trade and investment flows between India and Korea which can potentially create more jobs in the country. We will pursue deals under this agreement and may look to expand the programme”, said Arup Rakshit, Group Head, Treasury, Sales Analytics and Overseas Business, HDFC Bank
The delegation from the Export Import Bank of Korea, led by Mr. Choun-Jae Lee, Director General, Head of Interbank Financing Department, attended the signing ceremony. Ms. Ki-young Jung, Senior Loan Officer, Interbank Finance Department, and Mr. Kisang Kim, Chief Representative, New Delhi Representative Office, were also present from the Export Import Bank of Korea. Mr. Arup Rakshit, Group Head Treasury, Sales, Analytics, and Overseas Business, Mr. Kapil Bansal, Executive Vice President, Head Overseas Business Treasury, and Mr. Anand Iyer, Head GIFT City IBU represented HDFC Bank.